2. Disclaimer This presentation contains “forward-looking statements,” within the meaning of applicable securities laws, regarding events or conditions that may occur in the future. Such statements include without limitation the Company’s timeframe for events leading to and culminating in the commencement of production at Lost Creek including sufficiency of cash to fund capital requirements, receipt of (and related timing of) the NRC Source Material License, WDEQ Permit to Mine, BLM Plan of Operations, and all other necessary permits related to Lost Creek, and procurement and construction plans; specifics of drilling for Lost Creek; production rates and sustainability, timetables and methods at Lost Creek; permitting and licensing for Lost Soldier; and timing and relative results of exploration programs, including without limitation those at LC North and LC South, Hauber Project, the Bootheel Project and in Nebraska. With regard to discussion of the potential of exploration targets, it should be noted that potential quantity and grade ranges are conceptual in nature; there has been insufficient exploration yet to define a mineral resource at the two new exploration targets. Further, it is uncertain if additional exploration will result in the exploration targets being delineated as a mineral resource. These statements are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic and competitive risks, uncertainties and contingencies. Numerous factors could cause actual events to differ materially from those in the forward-looking statements. Factors that could cause such differences, without limiting the generality of the following, include: risks inherent in exploration activities; volatility and sensitivity to market prices for uranium; volatility and sensitivity to capital market fluctuations; the impact of exploration competition; the ability to raise funds through private or public equity financings; imprecision in resource and reserve estimates; environmental and safety risks including increased regulatory burdens; unexpected geological or hydrological conditions; a possible deterioration in political support for nuclear energy; changes in government regulations and policies, including trade laws and policies; demand for nuclear power; delay in obtaining or failure to obtain necessary permits and approvals from government authorities; weather and other natural phenomena; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; and other exploration, development, operating, financial market and regulatory risks. Although Ur-Energy Inc. believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this presentation. Ur-Energy Inc. disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Cautionary Note Regarding Projections: Similarly, this presentation also may contain projections relating to an extended future period and, accordingly, the estimates and assumptions underlying the projections are inherently highly uncertain, based on events that have not taken place, and are subject to significant economic, financial, regulatory, competitive and other uncertainties and contingencies beyond the control of Ur-Energy Inc. Further, given the nature of the Company's business and industry that is subject to a number of significant risk factors, there can be no assurance that the projections can be or will be realized. It is probable that the actual results and outcomes will differ, possibly materially, from those projected. The attention of investors is drawn to the Risk Factors set out in the Company's Annual Report on Form 20-F (Annual Information Form) for the fiscal year ended December 31, 2009 filed with the regulatory authorities in Canada on SEDAR on March 11, 2010 and with the U.S. Securities and Exchange Commission on EDGAR on March 12, 2010. Cautionary Note to U.S. Investors Concerning Estimates of Measured, Indicated or Inferred Resources: the information presented uses the terms "measured", "indicated" and "inferred" mineral resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize these terms. United States investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves. United States investors are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally minable. 2

3. Ur-Energy At A Glance Share Capital & Cash Position As of 11/23/10 Shares Outstanding 101.6M Stock Options 6.1M Fully Diluted 107.7M Market Cap (01/14/11) $291.5M Cash (09/30/10) C$34.7M +Cash from expiring Stock Options (12/1/10) C$3.0M Debt $0 Cash per share as of 09/30/10 ~C$0.32 Share price as of 01/14/11 C$2.94 52 Week Range C$.76 - C$3.05 Avg. Daily Volume ~1,193,000 (3-mo URE & URG) Geographical Distribution as of 6/30/10 United States ~40.5% Canada ~32.8% Other ~26.6% 3 NYSE Amex: URG TSX: URE

4. Analyst Coverage United States GVC Capital Mike Shonstrom (Denver, CO) 1 303-321-2392 Rodman & Renshaw Alka Singh (New York) 1 212-430-1760 Canada Canaccord Adams (Vancouver, BC) 1 604-699-0829 Dundee Securities David A. Talbot (Toronto, ON) 1 416-350-3082 Haywood Securities Geordie Mark (Vancouver, BC) 1 604-697-6112 Macquarie Capital Duncan McKeen (Montreal, QC) 1 416-848-3576 Raymond James Bart Jaworski (Vancouver, BC) 1 604-659-8282 RBC Capital Adam Schatzker (Toronto, ON) 1 416-842-7850 Australia Resource Capital Research* Trent Allen (Sydney, NSW) 61 2-9252-9405 *paid research Ur-Energy Inc is followed by the analysts listed above. This list, including the firms and individual analysts at these firms, is subject to change at any time without notice. Please note that any opinions, estimates, forecasts, conclusions or recommendations regarding Ur-Energy Inc's performance made by these analysts are theirs alone and do not represent opinions, estimates, forecasts, conclusions, recommendations or predictions of Ur-Energy Inc or its management. Ur-Energy Inc does not by its reference above or in any other manner imply its endorsement of or concurrence with such information, conclusions or recommendations. 4

5. Experienced Management Team Board of Directors Executive Directors W. William Boberg*, President, Chief Executive Officer (Professional Geologist) Jeffrey T. Klenda*, Board Chairman, Executive Director(Mining Finance) Independent Directors James M. Franklin*, Chair-Technical Committee (Professional Geologist) Paul Macdonell*, Chair-Compensation, Corp. Governance & Nominating Committees (Senior Federal Mediator) Thomas H. Parker, Chair-Audit Committee (Professional Engineer) Officers Harold A. Backer, Executive VP Geology & Exploration (Geologist) Wayne W. Heili, VP Mining & Engineering (Metallurgical Engineer) Paul W. Pitman, VP Canadian Exploration (Professional Geologist) Roger L. Smith, Chief Financial Officer, VP Finance, IT & Administration (CPA & MBA) Paul G. Goss, Corporate Secretary & General Counsel (JD & MBA) *Founding Directors 5

6. Our People Define Us 481 Years total resource industry experience 300 Years of Uranium Industry Experience Highly experienced technical professional employees (4 Engineers, 17 Geologists and 3 Landmen) 120 Years of direct extensive uranium production experience ISR operating experience – Nebraska, Texas & Wyoming 22 Management, Professionals and Support Staff Contractors and consultants have extensive uranium exploration, development and production experience As of: 01/18/11 6

7. US Infrastructure Isolated from Resources Christensen / Irigaray (650,000 pounds) Uranium One / ISR (Standby) Sweetwater Mill (1 million pounds) Rio Tinto / Conventional (Standby) Smith Ranch / Highland (5.5 million pounds) CAMECO / ISR (Producing) Crow Butte (1 million pounds) CAMECO / ISR (Producing) Shootaring Canyon Mill (1 million pounds) Uranium One / Conventional (Standby) Cañon City Mill (1 million pounds) Cotter Corp. / Conventional (Standby) White Mesa Mill (8 million pounds) Denison / Conventional (Producing) Hobson (1 million pounds) Uranium Energy / ISR (Producing) Rosita(1 million pounds) URI / ISR (Standby) Alta Mesa (1 million pounds) Mesteña / ISR (Producing) Kingsville Dome (1 million pounds) URI / ISR (Standby) 7

8. US Produces Only 7% of Uranium Consumed US uranium concentrate production totaled 3,749,550 pounds U3O8 in 2009. This amount is 17% lower than the 4,533,578 pounds produced in 2007 The US produces only 7% of the uranium it consumes! In 2009, the 10-year forward cumulative unfilled uranium requirements of US utilities was 260,982,000 lbs There will be a premium paid for domestically produced uranium 8

9. Future Demand to Outpace Supply Continuing challenges to increased production in Kazakhstan China expected to install at least 75 GWe of nuclear capacity by 2020 (McKinsey&Company) HEU Program expires at the end of 2013 and will not be renewed Rosatom head Sergei Kiriyenko has reportedly told US utilities there will be no HEU-2 deal Costs of new global uranium supply expected to rise sharply with positive impact on prices 9 Growing Production Gap See Disclaimer re Forward-looking Statements and Projections (slide 2)

10. 2010 & 2011 Achievements Acquired Exploration Properties in Nebraska Draft NRC License Received Added C$3M @ C$1.25 From Exercise of Expiring Employee Stock Options State Engineer Holding Permit Received BlackRock Financing Completed, C$5M @ C$1 WDEQ Final Class I UIC Permit (water disposal well) Received – Only WY Applicant to have secured permit Hauber Project New Manager/Member Bayswater Issues NI 43-101 WDEQ-Air Quality Permit Received NRC Pre-License Exemption for Limited Construction Granted WY Game & Fish Dept. Approved Wildlife Management Plan Meets all the protection measures for the Greater Sage Grouse Species 10

11. In-Situ Recovery (ISR) Uranium Mining Environmentally sound production method Well understood by Wyoming state regulators Cost effective, low capital costs 11 See Disclaimer re Forward-looking Statements and Projections (slide 2)

12. ISR – Low Impact Mining CAMECO Smith Ranch ISR Mine Powder River Basin, Wyoming 12

13. Wyoming Projects 13

15. 5% Royalty on State Lease – No Federal

16. Approx. 5% local severance taxes

17. Processing plant – Up to 2M lbs per year

18. Plant build-out costs projected at <US$30M

19. No Community OppositionNYSE Amex: URG TSX: URE

20. Lost Creek – 9.8M Indicated lbs of U3O8 540 drill holes defined 1970’s discovery 1,097 drill holes drilled by Ur-Energy since 2005 2 Mine Units now fully delineated Mine Unit #3 planned for delineation in 2011 Leach Efficiency - 80% Industry Avg. - ~70% (Recovery Rate) Pump Test Results - >30-50gpm Industry Avg. - 15gpm (Good Porosity = Cost Savings) NI 43-101 Compliant Resource Indicated – 8.5 million tons @ 0.058% (9.8 million lbs U3O8) Avg 425 ft deep,19.5 ft @ 0.058% U3O8 Inferred – 0.7 million tons @0.076% (1.1 million lbs U3O8) Technical Report on the Lost Creek Project, Wyoming, C. Stewart Wallis, Roscoe Postle Associates Inc., June 15, 2006 (posted on SEDAR) 15 See Disclaimer (slide 2)

21. Lost Creek Preliminary Assessment Study indicates favorable economics Greatest sensitivity – uranium pricing & recovery efficiency Economic at uranium prices above $40 per pound U3O8 Summary Highlights for minimum Life of Mine (LOM) Model based on 6 mine units totaling 8.1 million pounds U3O8 Total Production – 6.5 million pounds U3O8 (80% recovery efficiency) Model very conservative Does not include all NI 43-101 resources or prospect of resource expansion Base Case includes 20% contingency to both operating and capital Operating Cash Costs (base case including all restoration) = $23.36/pound $35 - $38/pound all-in costs, including capital recovery Capital Costs (through production of first Mine Unit) Projected Cost of 2 Million Pound per Year ISR Plant = $30 million (current estimate is ~$26 million) Projected Costs of drilling, environmental, engineering, etc = $32.5 million Capital Cost Requirements already spent down by ~$24 million Technical Report by Lyntek Inc., April 2008 – Posted on SEDAR Italicized items are Ur-Energy estimates as of April 2010 16 See Disclaimer (slide 2)

22. US$24M in CapEx Completed Mine Units 1 & 2 Delineated MU #1 Monitor Well Ring Completed Plant Engineering Completed Drilled and Tested Class I UIC Well Ordered Key Plant Equipment 10 Ion Exchange Columns 2 Ion Exchange polishing columns 2 Restoration columns 2 Elution columns 2 Filter presses Acquired Operational Support Equipment for Current Work & Mine Unit Operations Major Rolling Equipment Required Operational Equipment Training & Developing Operational Staff Acquired Initial Mine Unit Header House Prototype Completed for Operations Selected General Contractor – Fagen, Inc. 17 Ur-Energy’s Ion Exchange Columns Interior of Ur-Energy’s prototype Header House

23. Lost Creek On-Site Processing Plant Corp. Decision: Multiple Satellite Model Not Viable Option Central Processing Plant located adjacent to Lost Creek deposit Production Life: Seven years Capital Cost: $26M-$30M Operating Cost: $23/lb of U3O8; $35 - $38/lb all-in cost Adjacent properties have potential for an additional 24-28 M lbs. of U3O8 Cost Savings No satellite facilities No additional transportation costs Lost Creek Processing Plant Portion of Lost Creek Wellfield 18 Satellite Facility Requirements Permitting, engineering, bonding, deep disposal well, etc. Nearly full requirements as an On-Site plant (~75%-80% of full plant) Imagine repeating this process for each facility for few additional pounds See Disclaimer (slide 2)

24. Adjacent Target Potential of 24 - 28 M lbs U3O8 Potential of 24 to 28 million pounds U3O8 to be added to Lost Creek Project Area and Adjacent Lands Multiple roll fronts in four stratigraphic horizons defined by ~500+ drill holes ~50-60 historic holes mineralized with grades similar to Lost Creek resource GTs in range of 0.3 to 2.23 (average 0.7) 2010 exploration drill program (159 holes 101,270 ft (30,867 m)) defined numerous individual uranium roll front systems Additional drilling of 2000-3000 holes at a cost of $15 M - $22.5M (~$7,500/hole) Assumptions based on knowledge as of September 1, 2009. These potential quantity and grade ranges are conceptual in nature. There has been insufficient exploration to define a mineral resource outside the current Lost Creek resource. It is uncertain if further exploration will result in the new target areas outside the Lost Creek resource being delineated as a mineral resource. 19 See Disclaimer re Forward-looking Statements and Projections (slide 2)

25. Lost Creek Regulatory Achievements Sweetwater County: Development Plan Approved by County Commissioners, December 2009 Wyoming DEQ – Air Quality Division: Operational Permit Final Permit Issued, January 2010 Wyoming DEQ – Water Quality Division: Class I UIC Permit (water disposal well) Final Permit Issued May 2010 Wyoming State Engineer: Holding Ponds Permit Final Permit Issued, June 2010 Nuclear Regulatory Commission Source Material License – Draft Issued January 2011 Supplemental Environmental Impact Statement (SEIS): Nearing Completion Draft SEIS : Issued December 2009 Public Comment Period Ended March 3, 2010 Safety Evaluation Report (SER): Nearing Completion Limited Construction Prior to License Issuance: Exemption Granted April 2010 Wyoming DEQ – Land Quality Division: Permit to Mine Includes Application for First Mine Unit Permit Addresses Sage Grouse Impacts Nearing Completion U.S. Bureau of Land Management Plan of Operations: Environmental Review Process Underway 20 See Disclaimer re Forward-looking Statements and Projections (slide 2)

26. Lost Soldier – 12.2M M&I lbs U3O8 M & I resource average 17.2 ft @0.065% U3O8 Average 240 feet deep 2 primary zones Leach efficiency 49% - 84% Can be licensed as amendment to Lost Creek license Approximately 4000 drill holes define deposit 17 monitor/pump test wells installed (From Figure 16-2, Technical Report on the Lost Soldier Project, Wyoming, C. Stewart Wallis, RPA, July 10, 2006 - posted on SEDAR) NI 43-101 Compliant Resource Measured & Indicated (M & I) – 9.4 million tons @ 0.065% (12.2 million lbs U3O8) Inferred – 1.6 million tons @0.055% (1.8 million lbs U3O8) (Technical Report on the Lost Soldier Project, Wyoming, C. Stewart Wallis, Roscoe Postle Associates Inc., July 10, 2006 - Posted on SEDAR) 21 See Disclaimer re Forward-looking Statements and Projections (slide 2)

27. Screech Lake, Thelon Basin, NWT Completed Audio-Magnetotelluric Geophysical Survey, and Soil Gas Hydrocarbon and Enzyme Leach Soil Geochemistry Analyses to Better Define Drill Target Seeking Social License with First Nations MegaTEM Survey Screech Lake 0 4 Kilometers 22 See Disclaimer re Forward-looking Statements and Projections (slide 2)

28. Ur-Energy Advantage over Peers (1) Owns licensed Hobson plant and started production at La Palangana 4Q2010 Information obtained from public sources believed to be reliable. Ur-Energy cannot guarantee accuracy and is not responsible for errors or omissions 23

29. Today’s Reality Today’s Price Breakout Appears Sustainable Broad Based Support, Even Hedge Funds are Re-entering the Market China and Asian Countries Actively Acquiring Future Supplies, Constraining Available Supply 24 ISR Junior Business Model Needs Re-Evaluation (satellite vs. on-site processing plant) Economically Recoverable Pounds Most Important Market Rewarding Companies With Production Profile See Disclaimer re Forward-looking Statements and Projections (slide 2)

30. Ur-Energy’s Strong Position Technical Team – Best Among North American Juniors Near-Term, Low-Cost Production (~$23.00/lb) Mining Jurisdiction - Uranium Friendly Economical On-Site Processing Plant Cash Resources, C$34.7 Million (as of 9/30/10 + C$3 Million added from exercise of expiring options) Permitting Process Nearing Completion 25 See Disclaimer re Forward-looking Statements and Projections (slide 2)

31. Building Shareholder Value Ongoing Exploration – Increase Minable Resources that will be Accessible to the Lost Creek On-Site Processing Plant Acquisition of Additional Exploration Properties Monetizing Historic Databases Seeking Acquisitions and Strategic Alliances that will Positively Impact Production Profile Bottom Line Re-Rating Likely as Ur-Energy Nears Production 26 See Disclaimer re Forward-looking Statements and Projections (slide 2)

32. 2011 Is Our Year! Anticipated Issuance of NRC Source Material License Enter into Offtake Agreement for Future Uranium Delivery with US Utilities Issuance of WDEQ Permit to Mine Wellfield Injection Wells UIC Permit: Aquifer Exemption is Part of WDEQ Mine Permit BLM Plan of Operations Approval Targeted Construction Start-up (Beginning of 6 – 9 Month Build-Out) Re-Rating 27 See Disclaimer re Forward-looking Statements and Projections (slide 2)